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Help!
Nov 29, 2023 at 05:26
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3 Replies
Membro Desde Nov 29, 2023
1 postagens
Nov 29, 2023 at 05:26
Hi, I’m really new to trading and I’m still only using a demo account to practice before opening a live account.
So… I have a demo FOREX account which is connected to TV and I’m having an issue with my SL/TP amounts when I enter into a trade.
For instance, I entered a trade on HKD/JPY and I wanted to use 900+ GBP on the trade. The position calculator I use on TV works with USD, so I converted 900+ GBP in to USD and it worked out at 1200+ USD for X amount of units I had to purchase on the trade.
Now, after setting it all up (including my SL/TP and entering a RR of 5:1) and placing the order successfully, it only used 695GBP from my balance. But what’s more weird is that when I was watching the trade, my SL was only 6+GBP and my TP was 32+GBP!
Can anyone help me and explain what it is I’m doing wrong here??
TIA Ben
So… I have a demo FOREX account which is connected to TV and I’m having an issue with my SL/TP amounts when I enter into a trade.
For instance, I entered a trade on HKD/JPY and I wanted to use 900+ GBP on the trade. The position calculator I use on TV works with USD, so I converted 900+ GBP in to USD and it worked out at 1200+ USD for X amount of units I had to purchase on the trade.
Now, after setting it all up (including my SL/TP and entering a RR of 5:1) and placing the order successfully, it only used 695GBP from my balance. But what’s more weird is that when I was watching the trade, my SL was only 6+GBP and my TP was 32+GBP!
Can anyone help me and explain what it is I’m doing wrong here??
TIA Ben
Membro Desde Oct 09, 2023
16 postagens
Dec 03, 2023 at 10:32
Use babypip position size calculator
I never give up
Membro Desde Oct 09, 2023
16 postagens
Dec 03, 2023 at 10:33
Or if you are using mt5
Know how many pip you wanna risk mt5 will tell you in dollar okay
Know how many pip you wanna risk mt5 will tell you in dollar okay
I never give up
Membro Desde Sep 24, 2020
23 postagens
Dec 06, 2023 at 23:36
You can set up pending orders, with SL or TP at roughly same distance, then just hover curser over the SL/TP and it'll tell you the value of such a move against you, prior to opening trade. FInd out that way should you be concerned. Just make sure then to cancel your pending order after you've got value, as you don't want your pending order being triggered unexpectedly. Hope this helps. Works well enough for me.
1, Just do it. 2, Don't give up
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